The spot bitcoin exchange-traded fund-fueled rally has stopped translating into increasing crypto exchange volumes, data from The Block Research shows.
The seven day moving average for daily crypto exchange volumes has declined from a recent high of $19.4 billion on June 27 to $14.2 billion on July 8, according to The Block's data dashboard. It was slightly over $15 billion on Friday.
The price of bitcoin, meanwhile, is relatively flat over the same time period. The sluggish activity in spot exchange crypto trading could suggest that activity has moved into derivatives or off-exchange. Since BlackRock submitted its filing for a spot bitcoin ETF on June 15, the price of bitcoin has appreciated by more than 18%.
Meanwhile, CME's bitcoin futures market has seen open interest surge, with the metric hitting $2.7 billion at the time of writing.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.